Streamline tariffs

01 AUG,2021 | MEDC


 

India’s tariff requirements are complicated, with customs duty alone consisting of almost 20 rates, ranging from nil to 150%. As a result, much effort is diverted by Indian companies with exposure to the outside world into the lobbying process. The same effort channelized elsewhere could considerably enhance business productivity. If India is truly to enhance the ease of doing business, especially as regards international trade, the streamlining of tariffs has to be prioritized. As world trade recovers from the pandemic, we need to ensure that we emerge with increased economic competitiveness. Irrational changes in tariffs at this stage will hinder that effort. Low and stable tariff rates allow companies to correctly evaluate their financial positions, and that by itself will go a long way towards facilitating our entry into the global value chains that now determine the course of world trade.

*Photo Credit: Google

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